LIC Jeevan Akshay VI plan no. 189

LIC Jeevan Akshay VI plan no. 189 is a retirement policy plan. LIC Jeevan Akshay VI policy plan is an immediate annuity plan, which can be purchased by paying a lump sum amount as single Premium. In LIC Jeevan Akshay VI Plan after buying the policy, pension will start immediately without delay.
In LIC Jeevan Akshay VI plan annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Policy receiver may choose any mode of payment of annuity. Once the payment is chosen, the option cannot be changed because the pension starts immediately after buying the LIC Jeevan Akshay VI plan.
In this plan Annuities have the prospective to grow tax deferred, have death cover to secure your named beneficiary and optionally available survival benefits to safeguard your pension income. Annuities are even now among the most confusing but flexible financial solutions out there today.
The immediate annuity plans offer annuity payments of a mentioned guaranteed sum all over the lifetime of the insurance policy holder. There are actually number of alternatives that are offered for the kind and mode of payment of annuities. In this plan the net payable pension for lifetime is at a consistent rate.

Benefits of LIC Jeevan Akshay VI

  1. Pension for Whole Life - Pension will be paid till annuitant Alive.
  2. Pension for Period - Pensioner has option 5, 10, 15 or 20 years for choose pension, thereafter as long as pensioner is alive.
  3. Pension with return of Annuity Price - Pension will continue till annuitant is Alive.
  4. Annuity Increase - Annuity will increase 3% per year till Annuitant is Alive.
  5. Joint Life Annuity Option with 50% to Spouse- in this option Annuitant will get whole life Pension but after his death spouse will get only 50% of Annuitant Pension.
  6. Joint Life Annuity option with 100% to Spouse- in this option Spouse will get 100% pension still alive.
  7. Joint Life Annuity option with 100% to Spouse with Return of Purchase Price- in this option, Spouse will get 100% Pension but after her death Purchase price return to Last Survivor.

Additional Information of LIC Jeevan Akshay VI

·         Loan facility: Loan facilities are not available
·         Surrender value: No surrender value shall be payable under this LIC Jeevan Akshay 6 Policy
·         Paid up value: The policy does not acquire any paid up value
·         Riders: Additional riders are not available
·         Special incentives if you buy online: There is a special incentive offered to online buyers is the basic annuity rate is more by 1% when you buy Jeevan Akshay VI plan in online.
·         The people getting 20% or 30% tax are not eligible to buy this LIC Jeevan Akshay 6 Policy.
·         Cooling off period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.
·         Assignments/Nominations: No assignees and nominees are possible under this plan.
·         Service tax: 12.09% service tax is applicable.

Types of Annuity available
  1. Annuity payable for life at a uniform rate. Under this plan on death of annuitant annuity ceases.
  2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. Under this plan on death of annuitant during the guaranteed period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases. But if death occurs after guaranteed period then annuity stops immediately.
  3. Annuity for life with return of purchase price on death of the annuitant. Under this plan on death of annuitant, annuity ceases and the purchase price is paid to the nominee.
  4. Annuity payable for life increasing at a simple rate of 3% p.a. Under this plan on death of annuitant annuity ceases.
  5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. Under this plan on death of annuitant, annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
  6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. Under this plan on the death of annuitant, annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
  7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor. Under this plan on death of annuitant, annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

Death Benefits from LIC Jeevan Akshay VI

Death Benefit - In case Death of Pensioner Following Benefits available for Nominee.
  • Pension for Whole Life- After death of Annuitant Pension Stop. Nominee will get nothing.
  • Pension for Period (a) Death during Purchase Period, Nominee will get annuity till purchase period. (b) Death after Purchase Price Annuity Stop, nominee will not get anything.
  • Pension with return of Annuity Price after Death of Annuitant, purchase price of Annuity return to Nominee.
  • Annuity Increase - After death of annuitant, Annuity stop, Nominee will not get anything.
  • Joint Life Annuity Option with 50% to Spouse- in case, Death of Annuitant, 50% pension of Annuitant will provide to Spouse till Whole Life.
  • Joint Life Annuity option with 100% to Spouse- in case, Death of Annuitant, 100% Pension of Annuitant will Provide to Spouse till Whole Life.
  • Joint Life Annuity option with 100% to Spouse with Return of Purchase Price- in case Death of Annuitant, Spouse will get Pension and after Spouse Death, Annuity Amount Returned to Last Survivor.
Maturity Benefit: Maturity Benefits Option not available with LIC Jeevan Akshay-VI.
Income tax Benefit: Income Tax Benefits available under section 80C on Paid Premium.

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